Alphasimplex Group LLC Takes $399,000 Position in ALLETE Inc (NYSE:ALE)

Alphasimplex Group LLC acquired a new stake in ALLETE Inc (NYSE:ALE) in the first quarter, Holdings Channel reports. The firm acquired 4,858 shares of the utilities provider’s stock, valued at approximately $399,000.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in ALLETE by 46.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 123,267 shares of the utilities provider’s stock worth $9,247,000 after acquiring an additional 38,824 shares in the last quarter. Vanguard Group Inc raised its position in shares of ALLETE by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after purchasing an additional 71,585 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of ALLETE in the 4th quarter valued at approximately $258,000. Rhumbline Advisers raised its position in shares of ALLETE by 48.1% in the 4th quarter. Rhumbline Advisers now owns 174,899 shares of the utilities provider’s stock valued at $13,331,000 after purchasing an additional 56,764 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of ALLETE by 2.4% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 21,877 shares of the utilities provider’s stock valued at $1,667,000 after purchasing an additional 510 shares in the last quarter. Institutional investors and hedge funds own 71.75% of the company’s stock.

Shares of ALE opened at $84.15 on Wednesday. ALLETE Inc has a 52-week low of $70.85 and a 52-week high of $86.52. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 3.25 and a beta of 0.26. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.01). ALLETE had a net margin of 12.93% and a return on equity of 9.11%. The business had revenue of $357.20 million during the quarter, compared to analyst estimates of $364.00 million. During the same period in the previous year, the company earned $0.99 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. Sell-side analysts expect that ALLETE Inc will post 3.63 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were given a $0.5875 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date was Tuesday, May 14th. ALLETE’s payout ratio is 65.10%.

ALE has been the topic of a number of recent analyst reports. Zacks Investment Research lowered ALLETE from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and upped their target price for the company from $69.00 to $76.00 in a research report on Tuesday, February 19th. Finally, ValuEngine lowered ALLETE from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $79.06.

In related news, CFO Robert John Adams sold 2,885 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $82.45, for a total transaction of $237,868.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kathryn W. Dindo sold 735 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.03, for a total value of $60,292.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,620 shares of company stock worth $792,140. 0.43% of the stock is currently owned by corporate insiders.

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ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.

Further Reading: Green Investing

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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